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to maintain bush-era tax rates for the poor and middle class, while letting those lower rates expire for higher earners. this morning, the white house put out numbers claiming if we fall off the cliff, consumers will be spending less money next year. how much less, exactly? $200 billion in fiscal 2013 alone. that would be a huge, huge hit on retailers. now, tax hikes are the biggest part, but not the only part of the fiscal cliff. seeing it as a fiscal cliff, the new year will also bring more than $100 billion in spending cuts, if -- if congress and the president can't agree on some other course. all of this brings me to my friend, cnn's christine romans with details on the toll on consumer spending. we threw out the number, $200 billion. what does that mean? >> it comes straight from the white house, trying to ride the coat tails of black friday weekend when throwing around how much money consumers spent over the past four days. the white house is saying, if these tax cuts go away for the middle class and taxes rise and the amt patch goes away and taxes rise on the middle class, it
more than $500 billion in automatic spending cuts and tax hikes from taking effect. a potentially big sticking point in those talks, that no new tax pledge of that more than 250 republican lawmakers have signed. athena jones us from the white house. two more republicans who signed the pledge said they would be open to tax hikes if they get other concessions. >> reporter: that's right, fredricka, and this is a bit interesting to see. they're talking about this pledge from the grover norquist group. he's the anti-tax crusader. his group has gotten the majority of republicans in congress to sign this pledge to oppose any effort to raise taxes in any way. so first we heard from a senator out of georgia, a republican, who said for his country he would break this pledge because if you stick to that pledge you won't be able to reach an agreement to bring down the debt. today we heard from south carolina republican senator lindsey graham and also from new york congressman peter king responding to this idea and jumping on the bandwagon with chandliss. let's listen to that. >> when you're $16 t
the people and not to him, that's what he's known for. >> his power comes from this tax pledge. the last thing that he can afford to see more republicans peel off. if they do, then he can't get the next person to sign that pledge. >> tomorrow on "starting point" we're going to be talking to race car driver danica patrick and star of "pretty little liars." cnn newsroom with carols can to casse tell low begins now. >>> horror in bangladesh. two giant clothing factories there go up in flames. they might have made the clothes that are in your closet right now. thousands of workers protest the deaths of their colleagues. were safety warnings ignored? >>> republican rebellion? lindsey graham the latest lawmaker to buck a powerful gop lobbyist and his anti-tax pledge. we'll have the view from the edge of the so-called fiscal cliff. >>> one of the most recognizable voices in hollywood lends his voice to a pro-same-sex marriage ad. >> freedom, justice and human dignity have always guided our journey toward a more perfect union. now across our country, we are standing together for the ri
court press asking americans to pressure congress to keep middle class tax cuts for families earning $250,000 or less. >> it is too important for washington to screw this up. now is the time for us to work on what we all agree to, which is let's keep middle class taxes low. tweet, use the hashag my2k or e-mail, post it on a member of congress' facebook wall, do what it takes to communicate a sense of urgency. i'll sign this bill as soon as congress sends it my way. i got to repeat, i've got a pen. i'm ready to sign it. so -- >> the president wants republicans to first agree to keep the middle class tax cuts, and then he wants to move on and tackle the rest of the fiscal cliff problems. do not count on groundswell of republican support. in fact, one republican, congressman tom cob, proposed a similar idea and conservative republicans shot him down. we'll get to that here in a moment. quite a moment today. also president obama is meeting today with 14 key ceos to try to get their support for keeping those middle class tax cuts. the ceos are from huge, huge companies here. macy's, home
't act, if the president doesn't act, in unison, your taxes are going up come january 1st to help raise revenue to pay down the national debt. stay with me here for a moment because we'll show you exactly, you know, how much your taxes will be rising. but here's the thing. it doesn't have to happen, this predetermined jump in income taxes and the new parlor game on capitol hill is to pick the next republican, follow me here who is willing to break a no tax pledge made to a very powerful lobbyist, in order to cut a deal with the democrats to focus the pain of new taxes on the wealthy. see this picture? see these three guys. here is yet another republican speaking just this morning. >> i'm not obligated on the pledge. i made tennesseans aware i was just elected that the only thing i'm honoring is the oath that i take when i serve when i'm sworn in this january. >> so republican senator bob corker is saying his oath of office trumps any no tax pledge made to washington lobbyist grover nor quist. republican saxby chambliss says he cares more about america and the fiscal mess we're in than h
, is on middle class taxes. and as i've said before, we've got two choices. if congress does nothing, every family in america ll see their tacks automatically go up at the beginning of next year. starting january 1st, every family in america will see their taxes go up. a typical middle class family of four would see its income taxes go up by $2200. $2200 out of people's pockets. that means less money for buying grocery, less money for filling prescriptions, less money for buying diapers. it means a tougher choice between paying the rent and paying tuition and middle class families just can't afford that right now. by the way, businesses can't afford it either. yesterday i sat down with some small business owners who stressed this point. economists predict that if taxes go up on the middle class next year, consumers will spend nearly $200 billion lesson things like cars and clothes and furniture and that obviously means fewer customers, that cuts into business profits, that makes businesses less likely to invest and higher which means fewer jobs and that can drag our entire economy down. now
and congress fail to reach a tax deal because that will mean huge tax increases and spending cuts would automatically kick in january 1st. today several key republicans backed away from a pledge banning tax hikes including senator lindsey graham and congressman peter king. are we inching closer to some potential compromise. athena joan has been following the fiscal cliff negotiations. >> martin, with congress returning this weekend, not much public evidence of any real progress on a deal the avoid the fiscal cliff. folks here in washington are wondering if this week will prove a turning point for republicans and democrats. members of congress expressed optimism sunday about the prospects for reaching a deal to avoid the fiscal cliff. a series of tax increases and spending cuts next year that could do serious damage to the economy. they also sounded warnings. >> we can and must get an agreement. otherwise i think first of all the markets are going to start reacting. >> it's not a done deal and not a certainty. if congress does nothing, which congress has gotten pretty good at doing these
it with me, 35 days to avoid the dreaded fiscal cliff, the huge package of tax hikes and spending cuts set to take effect january 1 if congress and the president do not cut a deal. we're told they have been talking behind the scenes and president obama has already hosted congressional leaders for a post election sit-down. but the president is also launching a new pr effort, a campaign, some are calling it here, starting with the white house meeting today, of small business owners. then tomorrow, the president hosts more business owners and a group of middle class americans who would be hurt if the tax hikes take effect the first of the year. then friday, a campaign style stop in pennsylvania, a toy factory of all places, highlighting the importance of middle class consumers in this holiday season. but back in washington, senate leaders, they are speaking out. you have democrat harry reid saying the president won the election. and it is time for republicans to fall in line. meantime, republican mitch mcconnell not impressed with the president's plans to go back on the road. take a listen. >
with chief executives of some of the biggest companies to gainlg gauge how the looming tax hikes and spending cuts could impact businesses. marisa mayer, ceo of yahoo! is one of those. she made her first public comments since taking the helm and giving birth. she invoked some legendary wisdom. >> in my life there were three things, god, family and the green bay packers, in that order. right? and i think that for me it's god, family and yahoo! in that order. >> mayer was honored at fortune magazine's dinner for the most powerful women. >>> 34-year-old michael dunn facing a murder charge, killing jordan davis in the process. it reportedly sparked over a fight about loud music. it's reminding some of the trayvon martin case. dunn's attorney says that's not so. >> kill that [ bleep ] that [ bleep ] dead. you dead [ bleep ]. and sees that much of a shotgun coming up over the rim of the suv, which is up higher than his jetta, and all he sees are heavily tinted front windows that are up and the back windows that are down and the car has at least four black men in it and he doesn't know how old anybo
and triggering massive spending cuts and tax hikes. cnn's athena jones reports on a possible turning point in the negotiations. >> reporter: members of congress expressed optimism sunday about the prospects for reaching a deal to avoid the fiscal cliff. a series of tax increases and spending cuts next year that could do serious damage to the economy. they also sounded warnings. >> we can and must get an agreement, otherwise, i think first of all the markets are going to start reacting. >> it's not a done deal and it's not a certainty. if congress does nothing, which congress has gotten pretty good at doing these days, we'll go over the fiscal cliff. >> reporter: staffers have been working behind the scenes to find common ground to prevent across the board cuts lawmakers say should concern everyone. >> you should be worried, we all ought to be worried whether we are dependent upon other aspects of the federal budget, whether we're worried about the the regulation of food safety, about our borders being secured, about the fbi being supported. >> reporter: democrats and the president want to
-cholesterol drugs around. what you need to know. >>> two top republicans loosen their grip on that no tax pledge as the nation nears the fiscal cliff. these smartphones come with a bonus $100 walmart gift card? that's right. so it's like i won. sure. oh my gosh i won!!! i won!!! [ male announcer ] get a $100 walmart gift card when you buy any android or windows 8 smartphone. through december 1st. from america's gift headquarters. walmart. anyone have occasional constipation, diarrhea, gas, bloating? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ female announcer ] live the regular life. phillips'. >>> there's a recall out for a popular anti-cholesterol drug. a total of 41 lots of the generic version of lipitor may be contaminated by glass particles. the recall is voluntary and with the knowledge of the fda. >>> in egypt the muslim brotherhood says one of its fence, a 15-year-old boy, was killed and another 60 injured in an attack its headquarters there in cairo. across the country, the group is
will bring with it more than $500 billion in tax cuts and spending cuts. mr. obama is in meetings with small business owners from across the country today. he is not, however, meeting with leaders of congress today. our dan lothian is watching the comings and goings at the white house. and at some point, dan, congress is going to have to either come together on this and work with the president on this, and yet we're seeing all these various different meetings all around the communities and the country. it looks like there's a particular strategy that's playing out when it comes to the president right now. >> reporter: that's right. a lot of negotiations have taken place in the staff -- on the staff level. the president himself did speak with speaker john boehner on the phone over the weekend. there was that meeting with the lawmakers, the leadership just before the president went overseas on his southeast asia trip. but so far, no additional meetings that we know of on the schedule for the president to sit down with congressional leadership to try to hammer this out. i can tell you that i sp
. if congress and president obama fail to reach an agreement massive tax cuts and spending cuts automatically kick in january 1. anti-tax crusader slamming chambliss. he broke with norquist no tax break pledge. he cares more about his country than the pledge. >>> there were signs truce between israel and hamas is taking hold this weekend. palestinian sources say israel has eased restriction on gaza fishermen allowing them to go up to six miles from shore. the fishermen were restricted to three miles into the mediterranean. palestinian farmers resumed tending land. hamas official say egyptian and israeli officials are expected to meet monday to discuss details of that cease-fire. >>> to egypt now where what's happening makes well, the arab spring look like it never ended. we remember the crowds of demonstrators, protesters, a regime bent on consolidating and preserving its power. that was then. this is the scene right now. demonstrators are back spending the night in tahrir square. president mohamed morsi announced sweeping new powers for himself. ordering egyptian court not to overturn any de
washington gridlock. no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> in syria ten children in a suburb outside dam afternooningus have become the latest victims in the ongoing violence. now, fighting has ripped this country apart. activists say more than 40,000 people now have been killed since the first pretest 20 months ago against the regime of president bashir al assad. nick payton walsh shows us what happens when bombs fall in, of all places, a playground. >> these disturbing images show what happens after a children's playground is hit, according to activists by a cluster bomb. refugees with nowhere else to hide apparently hit by a single deadly device dropped by a jet. some cluster bombs released smaller explosives to cause m
. neutrogena®. >>> all right. love to shop but hate the crowds? you can shop online and maybe avoid sales tax. you have to wait a day or two for your stuff but amazon claims some are willing to pay tax if it means faster delivery. kwould you believe same day? we look at what this means for you and for your friendly neighborhood merchants. >> reporter: online versus brick and mortar. it has perhaps never been so intense. for years amazon had a key advantage in states like california. no sales tax. local bookstores already under pressure by the rapid rise of e-books and chains felt squeezed. michael tucker owns a chain of bookstores in san francisco. >> if you could save 10%, why wouldn't you? >> reporter: but amazon's tax advantage tax advantage went away. it also began taxing in other states like pennsylvania and texas. they collect only for states where they have a physical presence. now here in california, amazon is building two giant warehouses. including this one near los angeles. it's a million square feet. and for the old fashioned retailers, it's another reason to worry. why? because a
. oh, let me guess --ou see this? more washington gridlock. no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> a frightening moment for this woman walking her dog in israel when she heard the warning that a rocket was headed for her neighborhood. she shot this video as she took cover. [ bleep ] . >> you can hear those explosions in the distance, right? she is a teacher in israel, lives about a mile from the gaza border. even though classes are canceled and the children have been evacuated, she has chosen to stay home to take care of her dogs. she joins us now via skype. good morning. >> good morning. >> i guess it's afternoon there. so good afternoon. before we get to your personal story, i'm sure you've heard by now about the bus at
chambliss is taking aim at tax reformist grover norquist. why the senator may back out of his pledge not to raise taxes. plus, house majority leader john boehner sounding more and more like republicans won't be easily won over during tax talks. the mering fiscal cliff next. >>> and it was a normal thanksgiving morning until this multi-car wreck. how some 100 cars collided in texas. >> it was just a kmpl seconds, chain reaction. crazy. flashed right before my eyes. i don't spend money on gasoline. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high praise. volt received the j.d. power and associates appeal award two years in a row. ♪ throughout our lives. one a day men's 50+ is a complete multi-vitamin designed for men's health concerns as we age. it has more of 7 antioxidants to support cell health. one a day
, expiration of the pay roll tax holiday, and cuts in unemployment benefits. all those things are considered. joining us now is alex. it's good to see you. >> good to see you, fredricka. >> before we get to that fiscal cliff, let's talk about one of the things they talk about, whether it's raising taxes, revenue, however you want to define it. republican senator saxby chandless of georgia broke ranks with grover norquist and his anti-tax pledge. he signed the pledge after he first ran in 2008. but here's what he told our cnn affiliate in macon, georgia, about his commitment thus far to that pledge. >> times have changed significantly, i care more about the country than i do about a 20-year-old pledge. i think we owe the debt and we got to figure out a way to pay it. >> and of course, that pledge creator, grover norquist, fired back on cnn "the situation room" just yesterday. >> the commitment he made to the people of georgia was not to me. it was a written commitment to the people of georgia that he would go to washington to reduce government spending and reform government, not raise taxes.
this shortened trading session. >>> senator saxby chambliss has signed activist grover norquist famous anti-tax pledge but he says he's ready to talk tax hikes to avoid a fiscal cliff. he said earlier this week, quote, i care more about my country than i do a 20-year-old pledge. if we do it his way, we'll continue in debt and i just have a disagreement with him about that. he's talking about grover. >>> in suburban washington you're taking a look at community leaders, union leaders and perhaps some walmart workers. they're heading toward a walmart store. we believe they made it to a parking lot. as you know, they're protesting salary and health benefits for the workers at walmart. renee marsh is among the protesters, joining us now live. fill us in, renee. >> reporter: good morning, carol. i can tell you that they have finally made their way to the outside of this walmart here. just take a look. you can see how many people are out here. i would estimate it is in the hundreds. and they're all chanting. some of them wearing signs, some of them holding signs that say that the wages just aren't whe
about obviously the fiscal cliff being the tax hikes and the spending cuts, how does greece factor into this as well? we see protests, how does that relate who-to-what's happening in the united states? >> greece slowly, surely, painfully, undeniably, inevitably, moving to the position that most economists said we would be in or should be in, and that is that the debt level of greece was unsustainable. they've had several bites of chair are the factor night of the week is they need to cut the debt, cut the interest rate, take their foot off the throat of greece. allow the country to grow. it's going to be painful still for the people of greece. but now perhaps for the first time, we're seeing some real honest deals being made in the cold light of day. one thing that you and i need to think about, as weeks go on, i think that you and i need to have what we call in britain a swear box when we talk to each other. each time one or other of us says that phrase fiscal cliff, that's a dollar to a charity of our choice. >> okay. we can do that. we'll give it a try. hopefully we don't have t
's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> the diplomatic effort to halt the violence between israel and gaza further complicated after a bomb rips through a public transport bus in the heart of tel aviv injuring 24 people. though they didn't claim responsibility, a tweet from hamas militants to israelis following the attack quoting -- you opened the gates of hell on yourselves. authorities say 142 people have died in
something out, how to avoid taxes, and reduce spending on medicare. but it is not yet clear when the lawmakers and the president will meet next. and even if some progress is made this week, a final deal could still be a long way off. >> we rarely see the hill and the white house make decisions early. they tend to do better when they have a deadline. so i -- i would be pleasantly surprised to see it -- a deal emerge earlier than the end of the year, but we'll see. >> reporter: and martin, even though there is not another meeting between the president and lawmakers on the president's schedule, that could certainly change. we know that senate majority leader reid said they hope to have another meeting with the president this week. >> athena jones, thank you, at the white house. >>> and president obama went christmas shopping today. the president and his daughters shopped at an independent store in virginia. the obamas are participating in the third annual event, the white house bought 15 books. >>> and cyber deals, no longer just for monday. they participated in the deals before bla
. if president obama and congress don't reach some sort of deal, huge tax increases and spending cuts would automatically kick in january 1. todayself republica selveral red away from a pledge banning tax increases. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece, and republicans should put revenue on the table. i want to cut rates to create jobs, but i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> i agree with saxby chambliss. a pledge you signed 20 years ago, 18 years ago is for that congress. if i were in congress in 1941 i would have signed -- supported a declaration of war against japan. i'm not going to attack japan today. the world has changed. >> does it mean we might be closer to a fiscal cliff compromise? athena jones takes a closer look. >> reporter: that's, of course, the big question here. we know in the meeting the president had with lawmakers the friday before thanksgiving there was a lot of positive talk coming out of that with leaders
cliff. i mean you're probably sick of hearing that term fiscal cliff, debt ceiling, tax increases. got a lot of us worried that we're at the mercy of a feckless congress behaving more like stubborn kids than responsible lawmakers. wait. we did promise you a dream off the top of the show. imagine for a moment what it would be like if none of this fiscal cliff nonsense mattered the least bit to you. no debts. no family budgets. and a half billion dollars worth of powerball dreams. that is the jackpot, folks. the powerball jackpot. it just so happens to take millions of us buying up tickets to fatten up that jackpot to that big old size. alison kosic is at a 7-eleven in new york basically meeting a few of the wanna-be one percenters. the truth of the matter, what are the odds? >> reporter: i know. i hate to throw cold water on your whole dream statement that you gave. yes this is all about dreams but you know the odds of winning are really low. 175 million to 1. those are your odds. you know what? i can't help but dream, too. i got a ticket here. one ticket, it could be the winning one. a
a key advantage in states like california. no sales tax. local bookstores already under pressure by the rapid rise of ebooks and large bookstore ch n chains feel flar lparticularly squeezed. >> if you can save 10%, why wouldn't you? >> reporter: amazon's tax advantage recently disappeared in california adding 7% to 10% to the cost of each order. it also began taxing this year in other states like pennsylvania and texas. online retailers collect tax only for states where they have a physical presence. now here in california, amazon is building two giant warehouses. including this one near los angeles. it is a million square feet, and for the old-fashioned retailers, it is another reason to worry. why? because amazon's goal is to get items to customers faster and to be able to offer same day delivery. that's right. you can avoid stores if you want, and have a package delivered to your house in a matter of hours. a win for consumers, but tough for local retailers. >> if amazon creates distribution centers, and facilities on their turf locally, that takes away the one advantage we s
. he did con socede that eventual the way to raise revenue will be for the wealthy to pay a higher tax rate. david coney is talking about addressing the entitlement issue but wants a corporate tax rate of zero. no doubt that would create huge outrage. he says that's the most effective way to create jobs in the u.s. and frees up so much money for companies to hire. many would probably agree that's important, too. you can see both sides of the story there, carol. one more extreme than the other, of course. >> of course. we'll see what happens. alison kosik at the new york stock exchange. >>> good news for the housing market as home prices rise across the country with the biggest quarterly jump in two years. christine romans is in new york with more. good morning, christine. >> good morning, carol. more evidence that the housing market is healing. we've seen report after report on this. the biggest quarterly gain in two years. s&p kay schicase-shiller report. national home prices up 3.6% in the third quarter. can i show you the cities with the biggest gains? as you know, all real estate i
and gloom reports about the fiscal cliff, potential tax hikes on everyone, if congress does not act. of the people who were surveyed between november 9th and 13th, many of them said they do plan on spending more this year compared to last year. i have some interesting breakouts for you here, carol. more men said that they will spend more this year compared to last year than women. as far as age goes, the generation wires 18 through 24, they say that they, too, plan on spending more. remember, that group of people have had a tough time breaking into the workforce. still, though, they said they planned on spending more as well as latinos and blacks. they, too, say they plan on spending more. so why? that's the big question. why do some people say they plan on spending more this holiday season, simply because as far as the people in this survey, they felt as if their financial situation this year is better than it was last year. carol? >> that's simple. so where are people spending the most money? >> they break it down regionally. and it appears that of the people surveyed in this part
Search Results 0 to 27 of about 28 (some duplicates have been removed)